Singapore and Zurich Emerge as World’s Most Expensive Cities

Singapore and Zurich Emerge as World's Most Expensive Cities

VoM News Desk | November 30, 2023 | 01:27 PM IST | Tourism, World | Follow on Google News

Singapore and Zurich Emerge as World’s Most Expensive Cities

Singapore and Zurich Emerge as World’s Most Expensive Cities

The Economist Intelligence Unit (EIU) has announced Singapore and Zurich as the world’s most expensive cities in its recent report, followed closely by Geneva, New York, and Hong Kong. Despite a slight decline from last year’s record increase, the global cost-of-living crisis continues, with an average rise of 7.4% year on year in local currency terms for over 200 commonly used goods and services.

Singapore’s Steep Prices

Singapore has frequently topped the EIU’s cost-of-living index, securing the first position nine times in the past eleven years. The city-state’s high pricing across various categories, including transport, clothing, groceries, and alcohol, contributes to its ranking. Strict government controls on vehicle numbers significantly elevate transport costs in Singapore.

Zurich’s Position Strengthened by Swiss Franc

Zurich’s climb to the top of the list is attributed to the strong Swiss franc and the city’s high prices for groceries, household items, and recreational activities. Geneva and New York share the third spot, while Hong Kong and Los Angeles follow closely.

Asia’s Relative Price Stability

The report highlights that, on average, Asian cities have experienced relatively lower price increases compared to other regions. Notably, several Chinese cities, including Nanjing, Wuxi, Dalian, and Beijing, have moved down in the rankings, alongside Osaka and Tokyo in Japan.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.